In a visit to the Large Taxpayers Office and Customs House Karachi on Saturday, Chairman Asim Ahmad of the Federal Board of Revenue (FBR) made a presentation.
In his meeting at the LTO, the chairman assessed the performance of all chief commissioners according to the targets they had been assigned for the month of December during his meeting. Each chief commissioner of the Inland Revenue (CCIR) outlined in detail the projections and strategies for achieving the target for the month in addition to outlining their own strategies for achieving it. In order to achieve the targets set for December as well as for the second quarter of the current fiscal year (FY23), the CCIRs presented workable strategies for achieving them.
The chairman of the CCIRs has instructed the CCIRs to ensure that revenues are safeguarded and the budgetary targets are met. I believe as a result of the facilitation of taxpayers, the FBR will be able to successfully implement its policies, and he added that the pending issues of the taxpayers need to be resolved as soon as possible. CCIRs have also been instructed by the President to effectively pursue pending revenue cases in the courts in order to protect the revenue from being lost.
In the afternoon, the chairman presided over a meeting of the Chief Collectors and Director Generals of Customs, which was held at Customs House Karachi. As a result, he stressed a comprehensive strategy must be devised by the Customs field formations in order to achieve the overall revenue targets set for December by the end of the first half of FY23, so that the first half of FY23 can end well.
It was reported by the Chief Collector of Customs that during the past five months, the Customs field formations have been working hard to achieve the revenue targets despite the compression of imports being caused by multiple regulations that were introduced by the government in order to address the current account deficit.
As part of the presentation, the FBR chairman was also informed about the efforts being made to curb the mis-invoicing and under-invoicing phenomenon by revolutionizing the valuation methods and assessment approach in order to limit the incidence of these phenomena. The Department of Finance has recently revised multiple valuation rulings as well as issued several new valuation rulings in this regard.
In addition, the anti-smuggling policy was also discussed by the forum, and it was informed that the government has adopted a zero-tolerance policy in order to curb the menace of smuggling, and to protect the border areas from this practice.